by Roy Primm
Did you know 9 out of 10 online businesses fail within the first year? Chances are if you’re reading this you’ve tasted failure. I sure have, then I started applying the simple principles in this article.
So, I won’t bore you with more “get rich quick” fantasy. You’ve probably read tons of it already. Let me guess, it got you excited, but didn‘t make you much money. Right?
What you need to know is what to do when your online business ideas don‘t work, because most won’t.
It’s been said that he or she who fails to learn from their mistakes is doomed to repeat them. So read this article very carefully, it will help you to avoid repeating the same mistakes. This alone will save and earn you tons of money. Trust me.
The first step is to evaluate. This is where we look at the results, good or bad. This is also where we learn the most. Such as did it work? Or why didn’t it work?
Remember, your customer is your final judge. Just like in a courtroom it’s always to your advantage to know what the judge (customer) is thinking.
Some further areas you should focus on are ...
I. Marketing
1. Are you sure you were marketing to the right target customers?
2. Did you market your new idea enough to your target customers?
3. Did you take the time to get feedback from your target customers?
4. Did you make the necessary adjustments?
II. Time
Did you give your online business idea enough time to work? According to extensive market research, it takes 6 to 7 times for a prospective customer to be exposed to a new idea before they’ll accept it.
Many times a online business is expected to be an instant success. This is an idea that makes for good movies scripts for Hollywood, but it’s not reality in most cases.
You’d be surprised to find out that most Fortune 500 companies found their first results were far below expectations. Companies like Ford, Honda, McDonalds, Edison Electric, Microsoft and a host of others.
So, if your online business idea fell below expectations your in some impressive company. Don’t despair, read the next section and follow the suggestions.
Did It Fall Way Below Your Expectations?
Most successful businesses, products, or services you see today have been in this category. From Thomas Edison, who failed 10,000 times before seeing the light, to the Wright brothers who crashed for years before flying.
It has been said we learn more from our failures than we do for our successes. So, don’t let this learning opportunity escape you without milking it for all it’s worth.
If the results of your niche idea fell well below your expectations, one of the reasons listed below could be the cause:
1. Your expectations may be too high.
2. You didn’t get enough customer feedback.
3. You didn’t take enough time to know your target market.
To get the most out of this learning experience, the following questions should be asked and answered.
1. What area could I have done better in?
2. What will I do better next time?
3. What will I do to avoid doing the next time?
4. What will I concentrate more on?
5. What will I do more of?
6. What will I do less of?
7. Who will I consult with first?
8. What did I underestimate?
9. What did I overestimate?
10. How can I avoid making the same mistakes again?
11. How can I make better use of my strengths?
12. How can I better compensate for my shortcomings?
How To Fail Constructively
Contrary to popular belief, the one trait all successful people have is the ability to fail constructively. That sounds like a profound statement at first glance. But if you take a closer look, you’ll find it’s true.
The successful athlete, salesperson, parent or successful anything fails the same or more than
anyone else. So, what’s the difference in the two? Simple, the successful is the best at learning from their mistakes too.
If you follow the suggestions in this article you’ll turn your online failures into success.
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